Apple just can’t catch a break from analysts these days. Earlier today, Jefferies analyst Peter Misek – you know, the same guy who erroneously predicted an Apple event featuring an Apple TV announcement – came out with a new research note wherein he downgraded Apple with a new price target of $420. That of course is below where shares of Apple are currently trading so Misek isn’t really enthusiastic about Apple’s future prospects.

The root of Misek’s pessimism is rooted in Apple’s rumored low cost iPhone. According to Misek, Apple is having problems with its new casing colors and is being forced to push back its iPhone family rollout from June to sometime between July and September.

What’s more, Misek’s checks inform him that Apple’s low-cost iPhone may not be as cheap to manufacture as first thought. Specifically, the low cost iPhone will sport a 4-inch Retina Display and will reportedly feature the same processor as the iPhone 5S, albeit with a cheaper construction.

Consequently, Misek slashed his current quarter estimate for iPhone sales from 37.5 million units down to 35 million units. He anticipates Apple will report revenue of $41 billion but qualifies that by stating that there’s a 25% chance Apple will even miss its own quarterly guidance.